State with reasons whether you agree or disagree with the following statement (any three): Price maker is the only feature of monopoly market.

Answer: I disagree with the statement.

Reasons: Being a price maker is one feature of monopoly, but monopoly has several other features:

1. Single seller: There is only one seller of the product and many buyers.
2. No close substitutes: The product has no close substitutes, so the seller faces no competition.
3. Barriers to entry: Entry of new firms is restricted by legal, technical or natural barriers (patents, licences, control over raw materials).
4. Firm and industry are the same: As there is only one firm, the firm itself is the industry.
5. Price discrimination: The monopolist can charge different prices to different buyers.
6. Price maker: The monopolist controls supply and fixes the price.

Hence price making is not the only feature of monopoly.